An internet meme created by the anonymous imageboard 4chan (lol rules 1&2) as Caturday in 2005 or earlier, which was recently stolen by www.icanhascheezburger.com and renamed lolcats. Most of the images currently circulating have been directly ripped without any consent from the board.

Retard: OMGHAI LIEK HAV U SEEN THE NEW HOTTEST TING LOLCATS???!!??
/b/tard: Yeah, I saw it 2 years ago before it was stolen by www.icanhascheezburger.com and renamed.